The easing of restrictions points to a major shift in customer needs, are you prepared?

Netcore Cloud AUNZ country manager Chantal Capablanca
By Netcore Cloud AUNZ country manager Chantal Capablanca | 5 November 2021
Chantal Capablanca

Staying nimble and agile has been an essential ingredient for survival throughout the pandemic, due to the volatile market environment and ever-evolving consumer behaviour. Having a constant finger on the pulse of consumers has never been more critical. Now, as we ease COVID-19 restrictions, marketers need to relook at their communications and brand offerings to ensure they have the proper support to cater to the ever-changing demands of the market.

A recent survey report by Shopper Media revealed that 47% of shoppers plan on making significant purchases once restrictions ease, and 59% prefer to buy big-ticket items in-store, whereas 19% said they would stick to online mediums for purchases. These insights reveal two imperatives for marketeers: the need to be prepared to meet the sudden upswing of demand from consumers and the need for omnichannel personalisation.

Keeping up with the anticipated ‘revenge spending’

Off the back of extended lockdowns, an aggressive vaccination rollout program, and the pent-up demand from consumers, Australians are expected to open their pockets to splurge as they embrace their newly restored freedom. This “once-in-a-generation” event represents a unique opportunity for brands to mold their offerings towards positively meeting this intention.

It’s important to note that building truly sustainable relationships is the most significant competitive advantage that any brand can brag about. The Pareto Principle (80:20) reveals that 80% of an organisation’s revenue comes from 20% of its existing customer base. Netcore Cloud’s Velvet Rope Marketing (VRM) strategy believes in creating exclusively unique experiences for 20 percent of existing consumers who are the most prominent evangelists by rewarding them for their loyalty. Prioritising customer experience over advertising to acquire new customers can help to boost your customer retention rate. Even a 5% increase in retention rate can increase your profits from 25-95% ensuring better success.

Leveraging the power of the creative economy

Social media was already popular, but its success has accelerated following the pandemic. Brands need to acknowledge and define unique strategies to maximise the sales-driving potential of social commerce by exploring innovative partnerships to create a hybrid shopping experience with influencers and content creators. As e-commerce and social media merge, influencers will progressively become significant intermediaries, enabling brands to establish a better connection with consumers in highly authentic ways. With the support of highly influential content creators, brands can reassure their consumers about the safety measures undertaken at their physical stores and encourage them to shop in person.

Increasing effectiveness through omnichannel personalisation

McKinsey has pointed out that omnichannel personalisation can achieve a 5-15% revenue increase across the entire customer base. Integrating the tech stacks across multiple channels will help a marketer develop a more unified view of the customer, and therefore be in a better position to offer and create a more relevant experience unique to that consumer.

Sydney-based Miss Amara witnessed a 4.5% increase in their add-to-cart rate and a 5% increase in corresponding revenues by implementing Netcore Cloud’s Omnichannel personalisation, to integrate different touchpoints on the website. Personalising the in-store experience requires multiple digital touchpoints in digital screens, kiosks, or tablets. Each of these must carry the same line of expertise and communication that digital mediums offer.

It takes 21 days to build a habit – the pandemic, has lasted for 18 months so far, and has no doubt crafted a pattern of digital dependence. As a result, digital mediums must continue to be an area of focus for marketers to thrive, survive and grow in this ever-evolving environment.

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